89bio, Inc. (NASDAQ:ETNB) Receives $30.33 Average Price Target from Brokerages

Shares of 89bio, Inc. (NASDAQ:ETNB) have been assigned an average recommendation of “Moderate Buy” from the seven analysts that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among analysts that have covered the stock in the last year is $30.33.

Several brokerages have issued reports on ETNB. Royal Bank of Canada dropped their price target on 89bio from $13.00 to $12.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 6th. HC Wainwright restated a “buy” rating and issued a $29.00 target price on shares of 89bio in a research report on Monday, November 11th. Raymond James reduced their price target on shares of 89bio from $53.00 to $49.00 and set a “strong-buy” rating on the stock in a research report on Friday, November 8th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $29.00 price objective on shares of 89bio in a report on Friday, September 20th.

89bio Stock Performance

89bio stock opened at $7.98 on Tuesday. 89bio has a fifty-two week low of $7.00 and a fifty-two week high of $16.63. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66. The stock has a market cap of $846.39 million, a P/E ratio of -2.74 and a beta of 1.07. The firm’s fifty day moving average price is $8.18 and its 200-day moving average price is $8.41.

Institutional Investors Weigh In On 89bio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ETNB. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of 89bio by 1.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,998 shares of the company’s stock valued at $1,043,000 after acquiring an additional 1,624 shares during the period. Ameritas Investment Partners Inc. increased its holdings in 89bio by 28.4% during the 1st quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock valued at $92,000 after purchasing an additional 1,744 shares during the period. The Manufacturers Life Insurance Company raised its position in 89bio by 12.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,355 shares of the company’s stock valued at $251,000 after purchasing an additional 3,557 shares during the last quarter. Swiss National Bank lifted its holdings in 89bio by 3.1% in the 1st quarter. Swiss National Bank now owns 147,200 shares of the company’s stock worth $1,713,000 after buying an additional 4,400 shares during the period. Finally, ProShare Advisors LLC increased its stake in shares of 89bio by 34.5% during the first quarter. ProShare Advisors LLC now owns 20,737 shares of the company’s stock valued at $241,000 after buying an additional 5,319 shares during the period.

About 89bio

89bio, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapies for the treatment of liver and cardio-metabolic diseases. Its lead product candidate is pegozafermin, a glycoPEGylated analog of fibroblast growth factor 21 for the treatment of nonalcoholic steatohepatitis; and for the treatment of severe hypertriglyceridemia.